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1. Levy of penalty u/s 271(1)(c) - disallowance of bogus purchases by applying the profit rate - Once there is no reason to disbelieve the sales made by the assessee and...

2. Penalty u/s 271(1)(c) - estimation of income - bogus purchases - penalty u/s 271(1)(c) of the Act cannot be levied where the addition is made on estimate basis - AT

3. Imposition of penalty u/s 271(1)(c) of the Income Tax Act for two types of additions: (1) the addition made u/s 50C on the difference between stamp duty value and sale...

4. Voluntary surrender of income by assessee cannot be considered concealment. AO failed to prove concealment, merely concluded voluntary surrender as concealment....

5. The ITAT Mumbai ruled on penalty u/s 271(1)(c) for estimation of income on bogus purchases. The tribunal held that penalty cannot be levied on additions made on an...

6. Penalty u/s 271(1)(c) - Estimation of income on bogus purchases - Once the quantitative details of purchases and the corresponding quantitative sales have not been...

7. Penalty u/s 271(1)(c) - Penalty order did not specify the particular limb under which penalty u/s 271(1)(c) is levied. AO has not specified that penalty is either levied...

8. Penalty u/s.271(1)(b) - no compliance to notice u/s 142(1) - The AO levied the penalty for non-compliance of notice dated 13.06.2016, however, there is no reference of...

9. MAT is paid, additions were made to regular income, penalty not levied – 115JB, 271(1)(c)

10. The ITAT Mumbai addressed two key issues in the case. Firstly, regarding the penalty u/s 271(1)(c), the tribunal held that the absence of a tick mark on the notice did...

11. Levy of penalty u/s 271(1)(c) - Once, all the documentary evidences were produced before the AO and sales are no doubted, it is doubtful, whether the purchases are bogus...

12. Levy of Penalty u/s. 271(1)(c) - The ITAT ruled that since there was no variation between the returned and assessed income, there was no concealment of income by the...

13. Penalty u/s 271(1)(c) was levied on additional income voluntarily offered in the statement recorded u/s 132(4). However, no reference was made to corroborative...

14. Penalty levied u/s. 271(1)(c) - Income disclosed by the assessee in the Return of Income which is not part of Regular Accounts - CIT(A) directed the AO that levy penalty...

15. Levy of penalty u/s 271(1)(c) - assessee has surrendered and agreed for the additions at the assessment stage merely to buy peace of mind and to avoid further litigation...